Real estate major DLF Group’s rental arm DLF Cyber City Developers Limited (DCCDL) has acquired 51.8% stake in Fairleaf Real Estate Pvt Ltd for ?780 crore, the company said on Thursday.
“We would now like to inform that DCCDL has completed the acquisition of this 51.8% stake at a consideration of ?779.40 crore and consequently Fairleaf has become a wholly-owned subsidiary of DCCDL with effect from today i.e. 18th February 2021,” a statement issued by the company read.
In December last year, DCCDL had entered into a Securities Purchase Agreement with funds managed by Hines (Hines) for the acquisition of their stake in Fairleaf Real Estate Private Limited (Fairleaf).
Hines owned and operated One Horizon Centre in Gurugram, an iconic asset forming part of the larger mixed-use development located in one of the most sought-after locations at DLF 5 in Gurugram with a leasable area of 8.13 lakh square feet, offering high-end grade-A office spaces along with complimentary retail space.
It had nearly 52% stake in One Horizon Centre while the rest was with DCCDL.
DCCDL exercised the first right of refusal to acquire Hines’ stake. The acquisition is subject to customary conditions and expected to be complete by the next quarter.
In December 2017, DLF entered into this joint venture with GIC when DLF promoters sold their entire 40% stake in DCCDL for nearly ?12,000 crore. This deal included sale of 33.34% stake in the DCCDL to GIC for about ?9,000 crore and buyback of remaining shares worth about ?3,000 crore by DCCDL.
DLF holds 66.66% stake in DCCDL while GIC has the rest.
News Source:- Moneycontrol